11A

-
1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?
I am a political science and history major with strong interpersonal and intra-personal skills. I am able to see my flaws and improve upon them as well as connect easily with other people. I hope to work in foreign affairs either by conducting research or lobbying governments. My business would have no effect whatsoever on my life. If anything, I would patent my idea and sell it to the highest bidder.
2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 
Microwaves are unnecessarily loud, either annoying the owner or distributing their roommates. A microwave with silent capabilities would add to the comfort and peace of users.
3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?
This microwave is for people with roommates (such as those at college or living in big cities) as well as people who do not like loud noises.
4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 
My product will not be any more expensive than any other good quality microwave and it will have an added feature that many will find useful that will distinguish it.
5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 
The silent function of my microwave.
In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 
While I do not have a business-like personality, I believe my personality is strong enough to make a decent profit off of my idea with having to put in the marketing and distribution effort that a business would require. I truly believe that there would be a strong market for my product, especially due to my interviews. My concern would be marketing the product-- how do I let people know that I have a product they desire without spending an unnecessary amount of money for advertisements?

Comments

  1. Richard BelmontFebruary 21, 2020 at 9:40 AM

    Hey Jane,
    I've actually experienced this first hand as the microwave in my apartment is ridiculously loud. I think there's a lot of directions you could take with this product. However, you said you'd probably just sell the patent so I'm assuming you would just like to develop the technology for this product and then let someone else make an entire business out of it. You mentioned that you don't have a business-like personality so not wanting to deal with a startup is understandable.

    ReplyDelete
  2. Maranda CentenoFebruary 23, 2020 at 7:37 AM

    Jane,
    I much like you am not really interested in continuing with my product once its past the development stage. I do also agree that there is a strong market for your product and wouldn't disagree when you say that you would just develop the patent and then move onward. I hear your concern as well given that with my scooter store there would probably need to be an extensive amount of marketing to generate awareness. Maybe try and use a reliable and relatively cheap third party?

    ReplyDelete
  3. Alexis LaganaFebruary 24, 2020 at 7:56 AM

    Hi Jane! I find it super impressive that you mentioned you have both strong interpersonal and intra-personal skills. Usually it’s one or the other for most people, so that’s a really great quality to have! The opportunity you came up with is great because it’s something that will benefit everyone who uses microwaves, not just a specific group of people, meaning it’s a widespread product that will likely be very successful!

    ReplyDelete
  4. Jake GainsFebruary 24, 2020 at 7:59 AM

    Hey Jane, I really appreciate the product you are looking to promote. As someone who lives with roommates, microwaves being loud is impossible to miss. I believe there would be a strong market for such product even outside of college students with roommates. Its intriguing to read that your are looking to just complete the development stage of this product.

    ReplyDelete

Post a Comment

Popular posts from this blog

13A: Elon Musk

-
1) You read about an entrepreneur: ·   What surprised you the most? I knew that Musk was the owner of Tesla and SpaceX, but I no idea that he began with other, very different ideas, such as Zip2 and PayPal. ·    What about the entrepreneur did you most admire? I really admire that time and money that Musk puts into creating green projects like Tesla, the Hyperloop, and Solarcity. It would be easy for him to make a higher profit on projects that need less of an investment, but he has a vision for the future and the betterment of humanity that I find really fascinating. ·    What about the entrepreneur did you least admire? While not addressed in the book, there are accusations surrounding Musk right now that he supports slave labor in the Democratic Republic of Congo. This is very disappointing since in the beginning he said he left South Africa to avoid military service and propping up the apartheid regime, and yet he allows for this injustice when he ...
Read more

Later Gator

-
The title of the article:  UF student dies days after being struck by vehicle The link to the article:  https://www.alligator.org/news/uf-student-dies-days-after-being-struck-by-vehicle/article_069afbb6-42ce-11ea-b438-d76df92018c9.html A description of the story: UF student Denise Griffiths tragically passed away this week after being injured by a car while crossing the street while leaving campus. A description of the problem presented in the story: This is not the first student to be injured by moving vechiles. How can we make the campus commute safer? A description of  who has  the problem: Students of UF as well as visitors and staff. The title of the article:  'Immaturity' costing UF The link to the article:  https://www.alligator.org/sports/basketball/immaturity-costing-uf/article_2ac30f78-40c7-11ea-8d53-6fb89b3f7b81.html A description of the story: UF's basketball team lost to Baylor and the coach had some strong opinions on the matter. He stated ...
Read more

12A

-
1) Pick a segment. In class, we have discussed how you might intuit the existence of segments that might exist in your venture's market. For this exercise, you must pick one segment. Demographic: Individuals at college or in large cities where roommates are needed to pay the rent. Specifically, those with small apartments where other individuals could hear the microwave. 2) Find three people who would fit that segment and arrange to interview them. These interviews, if conducted properly, should take about 10-15 minutes. Any less, and you won't be able to obtain adequate information. I interviewed Hannah Llende, Tyler Grant, and Sydney Shaffer. 3) Begin with need awareness. In earlier exercises, you have identified an unmet need and developed a solution. If the person you are talking to does not have the same unmet, then you need to move on. You may not include this as one of your three interviews. If the person you are talking to does have the problem, then you're ...
Read more